For most people, unless you live in the accounting world, talking about the General Ledger might not be the most scintillating of topics, but it’s a pretty important part of your business. The GL is where everything financial in your business comes together. And we all know how important sound finances are for building a growing, sustainable company.
The GL provides a detail glimpse into your company financials. A messy GL could be a sign of bigger issues: things like poorly managing transactions and budgets, a lack of transparency, and understanding into your business’ performance. A messy GL takes time to reconcile and prevents you from knowing sooner of any potential issues your company faces which might let you take corrective action before a crisis. Keeping your GL clean makes it easier for auditors to review your financials and give you a clean bill of health.
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Hiring staff, posting ads, interviewing candidates, managing benefits, maintaining disciplinary reports, mediating disputes, holding seminars and hosting new hire orientations – these are just a few tasks that Human Resources professionals tackle every day. The HR folks at your construction company are responsible for even more – safety history, drug tests and skill tracking to name just a few. If you don’t have a modern, integrated solution in place to manage all these unique tasks – especially one that integrates seamlessly with your payroll software, you’re taking risks with your employees and their critical work history that could have a big impact on protecting your business.
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When you have piles of cash, cash management becomes a fun exercise. Apple, for example, is likely enjoying the fact they have nearly $100 Billion in cash reserves they get to figure out how to use.
But for most, cash management is a matter of making sure there’s more coming in then going out – and controlling exactly how it goes out the door. Your cash flow makes or breaks your business.
Certainly the first rule of construction cash management is controlling spending. It’s easy to let expenses grow when you’re focused on satisfying your demanding clients. If you don’t have a solid method of tracking expenses on each project, you’re at risk. Sometimes you have to ‘invest’ in a project and your business to achieve that next level. Managing cash flow is key to keeping the ship upright.
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“If you can’t beat ‘em, join ‘em” the saying goes, and when it comes to billing your customers this might not be bad advice. In any business, getting paid is a top priority but it’s no secret that actually getting paid on time is usually a challenge met with excuses, delays and may require several phone calls. In the construction business, this can be especially concerning since projects can come to a rapid halt without the money coming in. If you have a job billing solution and are still facing slow payments, maybe your invoices aren’t meeting your customers’ requirements.
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